Chapter 17 Inflation, Unemployment and Central Bank Policy
第五讲 奥肯定律与菲利普斯曲线
ut − ut −1 = − 0.4( g yt − 3%)
Changes in the Unemployment Rate Versus Output Growth in the United States, 1970-2000 1970-
ut − ut −1 = − 0.4( g yt − 3%)
§2. The Phillips Curve: From Curve: Unemployment to Inflation
In 1958, A.W.Phillips drew a diagram π plotting the rate of inflation against the PC rate of unemployment in the United Kingdom for each year from 1861 to 1957. He found a clear evidence of a negative relation between inflation and unemployment: When unemployment was low, inflation was high, and when unemployment was high, inflation was low, often even negative. 0 u Two years later, Paul Samuelson and Robert Solow replicated Phillips’ exercise for the United States, there • Samuelson and Solow appeared to be a negative relation baptized this relation the between inflation and unemployment in Phillips Curve. the United States also.
宏观经济学英文名词
宏观经济学英文名词宏观经济学（Macroeconomics）是经济学的一个分支，研究整个经济系统的总体行为和发展趋势。
它关注的是国家和地区整体经济，而不是个体经济主体的行为。
下面是一些与宏观经济学相关的英文名词和参考内容：1. GDP (Gross Domestic Product): GDP is the total value of all goods and services produced within a country's borders in a specific period of time. It is widely used as a measure of economic growth and is a key indicator of a country's overall economic performance.2. Inflation: Inflation refers to the increase in the general price level of goods and services over a period of time. It is usually measured by the Consumer Price Index (CPI) or the Producer Price Index (PPI). High inflation can erode purchasing power and lead to economic instability.3. Unemployment rate: The unemployment rate is the percentage of the labor force that is unemployed and actively seeking employment. It is an important indicator of the health of an economy and can have significant social and political implications.4. Fiscal policy: Fiscal policy refers to the use of government spending and taxation to influence the overall economy. It can be expansionary (increasing government spending or reducing taxes) or contractionary (reducing government spending or increasing taxes) depending on the state of the economy.5. Monetary policy: Monetary policy involves the control and regulation of the money supply and interest rates by a central bank, such as the Federal Reserve in the United States. It is used to stabilize the economy, control inflation, and promote economic growth.6. Exchange rate: The exchange rate is the value of one currency in terms of another currency. Changes in exchange rates can have a significant impact on international trade, investment, and economic competitiveness.7. Balance of trade: The balance of trade is the difference betweena country's exports and imports of goods and services. A positive balance of trade (exporting more than importing) is known as a trade surplus, while a negative balance of trade is known as a trade deficit. This indicator is important for measuring a country's international trade competitiveness.8. Economic growth: Economic growth refers to an increase in the production and consumption of goods and services in an economy over time. It is usually measured by the annual percentage change in real GDP. Sustainable economic growth is a key goal for most countries.9. Aggregate demand: Aggregate demand is the total demand for goods and services in an economy at a given price level and period of time. It is affected by factors such as consumer spending, investment, government spending, and net exports.10. Business cycle: The business cycle refers to the fluctuations ineconomic activity over time. It consists of four phases: expansion (growth), peak (highest point), contraction (slowdown), and trough (lowest point). Understanding the business cycle is important for predicting and managing economic fluctuations.These are just a few examples of the many concepts and terms used in the field of macroeconomics. They provide insights into the overall performance, trends, and policies that shape an economy.。
经济与财务领域英语词汇大全
经济与财务领域英语词汇大全Introduction:The field of economics and finance is vast and diverse, encompassing a wide range of concepts, theories, and terminology. In this comprehensive guide, we present a detailed compilation of English vocabulary related to the economic and financial domains. This resource will prove invaluable to students, professionals, and anyone seeking to enhance their understanding and communication skills in the field.1. Macroeconomics:1.1 Gross Domestic Product (GDP): The total value of all goods and services produced within a country's borders in a specific time period.1.2 Inflation: A sustained increase in the general price level of goods and services.1.3 Unemployment Rate: The percentage of the labor force that is jobless and actively seeking employment.1.4 Monetary Policy: The actions taken by a central bank to manage and control the money supply and interest rates to achieve economic goals.1.5 Fiscal Policy: Government decisions on taxing and spending to influence the overall economy.2. Microeconomics:2.1 Supply and Demand: The fundamental economic forces determining the price and quantity of goods and services in the marketplace.2.2 Market Equilibrium: The state in which the quantity demanded equals the quantity supplied, resulting in a stable price.2.3 Elasticity: The responsiveness of the demand or supply of a good or service to changes in its price or other factors.2.4 Utility: The satisfaction or value derived from consuming a good or service.2.5 Marginal Cost: The additional cost incurred by producing one more unit of a good or service.3. Banking and Finance:3.1 Assets: Economic resources owned by individuals, businesses, or governments, such as cash, investments, properties, and equipment.3.2 Liabilities: Debts or obligations owed by individuals, businesses, or governments, including loans, mortgages, and accounts payable.3.3 Interest Rate: The cost of borrowing money or the return earned on savings or investments, expressed as a percentage.3.4 Credit Rating: An assessment of an individual or organization's creditworthiness, determining the likelihood of repayment of debt.3.5 Stock Market: A marketplace where stocks and other securities are bought and sold, representing ownership in publicly traded companies.4. International Trade:4.1 Balance of Trade: The difference between the value of a country's exports and imports of goods and services.4.2 Tariffs: Taxes imposed on imported goods to protect domestic industries or raise government revenue.4.3 Exchange Rate: The value of one currency expressed in terms of another currency.4.4 Trade Deficit: When a country's imports exceed its exports, resulting in a negative balance of trade.4.5 Free Trade: The unrestricted flow of goods and services between countries without barriers such as tariffs or quotas.Conclusion:This compilation serves as a comprehensive resource for English vocabulary in the field of economics and finance. The provided terms cover various aspects ranging from macroeconomics to microeconomics, banking and finance, and international trade. By familiarizing oneself with these essential terms, individuals can better navigate and communicate within the economic and financial landscape. Continual learning and understanding of these concepts are essential for personal and professional growth in this ever-evolving field.。
剑桥商务英语考试BEC高级阅读通关试题
剑桥商务英语考试BEC高级阅读通关试题剑桥商务英语考试BEC高级阅读通关试题原文阅读：欧洲央行宣布无限期维持宽松政策The European Central Bank declared that it would maintain an easy moary policy stance “as long as needed” while the eurozone battles record unemployment and shrinking economic activity.“Our moa ry policy will remain acmodative as long as needed,” Mario Draghi, ECB president, said during his monthly press conference.The Federal Reserve has said interest rates will remain near zero until US unemployment falls to at least 6.5 per cent. While Mr Draghi described high unemployment as a “tragedy”, the ECB has no mandate to target joblessness.Mr Draghi has consistently struck a gently upbeat tone on the eurozone’s prospects, despite being careful to say repeatedly that the risks to the outlook “remain on the downside”.“The recovery pathis by and large unchanged,” he said. “Later in 2023 economic activity should gradually recover, supported by a strengthening of global demand.”However, the bank’s own staff projections paint a gloomy picture. The quarterly forecasts for growth were revised down again. They now predict acontraction of 0.5 per cent this year, from a fall of 0.3 per cent previously. More alarmingly for a central bank whose sole policy target is price stability, the ECB is now forecasting inflation to slow to 1.6 per cent this year and 1.3 per cent next year, short ofits “close to, but below” 2 per cent medium-term target.“The get-out-of-jail card for the ECB with these forecasts has been to suggest that they are merely an input for their discussions, so they can go on to ignore them,” Ken Wattret, economist at BNP Paribas, said. “But it is stretching credibility for a central bank with onemandate to ignore its own currentinflation projections.”学习指南：1.Word of the dayacmodative：willing to adjust to differences in order to obtain agreement 适应的ex: “Highly acmodative moary policies are fast being a threat to price stability,” it concluded.例句：报告的结论是：“各国非常宽松的货币政策正在迅速地威胁到价格的稳定性。
萨缪尔森：《经济学》英文版目录
Economics, 18/ePaul A. Samuelson, Massachusetts Institute of Technology William D. Nordhaus, Yale UniversityISBN: 0072872055Copyright year: 2005Table of ContentsPart One: Basic Concepts1 The Fundamentals of EconomicsAppendix 1 How to Read Graphs2 Markets and Government in a Modern Economy3 Basic Elements of Supply and DemandPart Two: Microeconomics: Supply, Demand, and Product Markets4 Applications of Supply and Demand5 Demand and Consumer BehaviorAppendix 5 Geometrical Analysis of Consumer Equilibrium6 Production and Business Organization7 Analysis of CostsAppendix 7 Production, Cost Theory, and Decision of theFirm8 Analysis of Perfectly Competitive Markets9 Competition and Its Polar Case of Monopoly10 Oligopoly and Monopolistic Competition11 Uncertainty and Game TheoryPart Three: Factor Markets: Labor, Land, and Capital12 How Markets Determine Incomes13 The Labor Market14 Land and CapitalAppendix 14 Markets and Economic EfficiencyPart Four: Applied Microeconomics: International Trade, Government, and the Environment15 Comparative Advantage and Protectionism16 Government Taxation and Expenditure17 Promoting More Efficient Markets18 Protecting the Environment19 Efficiency vs. Equality: The Big TradeoffPart Five: Macroeconomics: Economic Growth and Business Cycles20 Overview of MacroeconomicsAppendix 20 Macroeconomic Data21 Measuring Economic Activity22 Consumption and Investment23 Business Fluctuations and the Theory of Aggregate Demand24 The Multiplier Model25 Money, Banking, and Financial Markets26 Central Banking and Monetary PolicyPart Six: Economic Growth and Macroeconomic Policy27 The Process of Economic Growth28 The Challenge of Economic Development29 Exchange Rates and the International Financial System30 Open-Economy MacroeconomicsPart Seven: Unemployment, Inflation, and Economic Policy31 Unemployment and the Foundations of Aggregate Supply32 Ensuring Price Stability33 The Warring Schools of Macroeconomics34 Policies for Growth and Stability。
Aggregate Supply and the Short-run Tradeoff Between Inflation and Unemployment 总供给与通货膨胀和
price set by flexible price firms
Subtract (1s )P from both sides:
sP s P e (1 s )[a(Y Y )]
Divide both sides by s :
P P
CHAPTER 13
e
(1 s ) a (Y Y ) s
Reasons for sticky prices: long-term contracts between firms and
customers
menu costs firms not wishing to annoy customers with
frequent price changes
This prediction does not come true in the real
world:
CHAPTER 13
Aggregate Supply
slide 6
The cyclical behavior of the real wage
Percentage change in real wage
slide 13
Aggregate Supply
The sticky-price model
P P
e
High P e High P
(1 s ) a (Y Y ) s
If firms expect high prices, then firms that must set prices in advance will set them high. Other firms respond by setting high prices.
经济英语知识点总结
经济英语知识点总结一、经济学基础知识1. Microeconomics（微观经济学）Microeconomics focuses on the interactions between individual buyers and sellers and the factors that influence their decisions. It examines how individuals and businesses make choices regarding the allocation of resources, production, and consumption. Key concepts in microeconomics include supply and demand, elasticity, market structures, and externalities.（微观经济学侧重研究个体买卖双方之间的互动以及影响他们决策的因素。
它研究个人和企业如何在资源分配、生产和消费方面做出选择。
微观经济学的关键概念包括供求关系、弹性、市场结构和外部性。
）2. Macroeconomics（宏观经济学）Macroeconomics looks at the overall performance of a national or global economy and the factors that influence it. It examines the behavior of major economic aggregates such as GDP, unemployment, inflation, and national income. Key concepts in macroeconomics include monetary and fiscal policy, economic growth, and international trade.（宏观经济学研究国家或全球经济的总体表现以及影响它的因素。
CFA一级知识点概要总结
CFA一级知识点概要总结============Quantitative Methods============#05 Time Value of Money1) EAR在离散复利（Monthly，Quarterly，Semi-annually）和连续复利时的计算2) 分期付款下利率、每期支付金额、FV、PV和支付次数的关系#06 Discounted Cash Flow Applications1) 如何计算Time-Weighted Rate of Return2) 如何计算Money-Weighted Rate of Return3) 如何用计算器计算NPV4) 如何用计算器计算IRR#07 Statistical Concepts and Market Return1) 4种Measurement Scle：Norminal Scale，Ordinal Scale，Interval Scale，Ratio Scale2) 车比雪夫不等式（Chebyshev's Inequality）的含义3) Sharp Ratio的定义4) 偏度（Skewness）的定义以及正偏（Positively Skewness）、负偏（Negatively Skewness）的判断5) Sample Skewness (样本偏度)的计算6) 什么是峰度（Kurtosis）以及尖峰的（Leptokurtic）和平峰的（Platykurtic）7) 如何计算样本偏度（Sample Skewness）和样本峰度（Sample Kurtosis）8) 正态分布(Standard Distribution)的几点属性：比如Sample Kurtosis等于3,mean/middle/mode三者相等#08 Probability Concepts1) 两个事件的联合概率（P(AB)），条件概率（P(A|B)）以及概率加法法则和乘法法则#09 Common Probability Distribution1) 什么是置信区间（Confidence Interval），并且记住90%，95%和99%的置信区间幅度2) 如何计算Safty-First Ratio3) 蒙特卡洛模拟（Monte Carlo Simulation）的思路4) 历史模拟（Historical Simulation）的思路5) 蒙特卡洛模拟（Monte Carlo Simulation）与历史模拟（Historical Simulation）的不同6) 正态分布（Normal Distribution）的三点主要特征#10 Sampling and Estimation1) Standard Error of Sample Mean的计算公式以及它的含义2) 什么是t分布（Student's t-distribution）以及其中自由度（Degrees of Freedom，df）的概念3) t分布的特点以及与正态分布的区别#11 Hypothesis Testing1) Hypothesis Testing的7个步骤（顺序）2) 什么是无效假设（Null Hypothesis）和备择假设（Altanative Hypothesis）3) 什么是单尾检验（One-Tailed Test）和双尾检验（Two-Tailed Test）4) 检验统计量（Test Statistic）的定义5) 如何得到Standard Error of Sample Statistic6) 什么是第一类错误（Type I Error）和第二类错误（Type II Error）============Economics============#13 Elasticity1) Price Elasticity of Demand的定义2) 影响Price Elasticity of Demand的三个方面3) Elastic，Inelastic，Perfectly Elastic和Perfectly Inelastic的图形表示4) Cross Elasticity of Demand的定义5) Income Elasticity的定义以及三个不同等级的商品与它的对应关系6) Price Elasticity of Supply的定义7) 影响Price Elasticity of Supply的两种因素8) 理解在直线需求曲线（Straight-Ling Demand Curve）时，High Elasticity，Unitary Elasticity 以及Low Elasticity的位置（Notes V2 P16）9) Demand Curve在价格越高时弹性越大#14 Efficiency & Equity1) MC(Marginal Cost)和MB(Marginal Benefits)的定义以及关系2) 如何计算消费者剩余（Consumer Surplus）以及它在MC-MB图中的位置3) 什么是生产者剩余（Producer Surplus）以及它在MC-MB图中的位置4) 什么是Equilibrium Quantity5) 阻碍资源分配有效性的几个因素6) 什么是Deadweight Loss，以及它在MC-MB图上的表示7) 有关资源分配公平性/有效性的两种学派：Utilitarianism（功利主义）和Symmetry Principle （对称原则）的中心思想#16 Organizing Production1) 机会成本（Opportunity Cost）的含义2) 两种不同的机会成本：Explicit Cost和Implicit Cost3) 两种不同的隐性成本（Implicit Cost）4) 什么是Implicit Rental Rate，并且知道它是Economic Depreciation和Foregone Interest的和5) Economic Profit的定义以及它与Total Revenue，Total Cost（含Opportunity Cost）的关系6) 理解什么是Economic Profit，并且理解为什么Economic Profit小于Accounting Profit7) 理解在Normal情况下，Economic Profit等于08) 对Maximum Profit的三种类型的限制：技术限制、信息限制和市场限制9) 理解什么是技术有效性（Technological Efficiency），什么是经济有效性（Economic Efficiency），并结合例子（Notes V4 P52）10) 公司组织生产的两种形式：Command System和Incentive System，以及它们的不同11) 什么是Principal-Agent Problem，以及减少Principal Agent Problem的三种常用方法：Ownership，Incentive Pay和Long Term Contract12) 商务组织的三种形式的优缺点：Proprietorships，Partnerships，Corporations13) 四种市场类型：Perfect Competition, Monopllistic Competition, Oligopoly和Monoploy等含义和特点14) Her Findahl-Hirschman Index (HHI)指数的定义是什么15) 四公司集中度（Four Firm Concentration Ratio）的定义是什么16) Concentration Measurement的局限性：地理因素、壁垒因素、市场-行业的差异17) 企业比市场更有效的四个原因：Transaction Cost，Economies of Scale，Economies of Scope，Economies of Team Production#17 Output and Costs1) Short Run Decision和Long Run Decision有什么本质区别：Short Run Decision时，投入的资源固定；Long Run Decision时，可以调节投入的资源2) 什么是Total Product，Marginal Product，Average Product（Notes V4 P65）3) 什么是Total Cost（Total Fixed Cost和Total Variable Cost），Marginal Cost，4) 什么是Average Cost（Average Fixed Cost，Average Variable Cost），并熟悉它们的图形关系（Notes V4 P69）5) 什么是一个公司的生产函数（Production Function）以及为什么会产生Diminishing Returns6) Law of Diminishing Returns的中心思想是什么7) 什么是Marginal Product of Capital以及为什么会产生Diminishing Marginal Product of Capital8) LRATC曲线（Long Run Average Total Cost）是什么形状的9) Economies of Scale和Diseconomies of Scale的区别以及在LRATC曲线上的位置10) LRATC曲线上面的三个阶段Economies of Scale, Constant Returns to Scale，Diseconomies of Scale11) A TC = AFC + A VC等式的含义以及图形表示#18 Perfect Competition1) 在完全竞争市场（Perfect Competition Market）中，Price Taker的概念：价格合适可以卖出任意多；价格高出，可以卖出02) Perfect Competition的若干假定3) Perfect Competition的主要特点#19 Monopoly1) Monopoly市场的特点：没有竞争者；没有替代品；高壁垒2) Monopoly市场的两种壁垒形式：Leagal Barriers和Natural Barries3) Monopoly市场的两种价格方式：Single-Price和Price Discrimination4) 理解Price Discrimination的三个前提：Demand Curve右下斜；至少两个具有不同价格需求弹性的消费群体；消费者不能转卖5) 理解Price Discrimination的目的是为了将消费者剩余（Consumer Surplus）转变成经济收益（Economic Profit）6) Price Discrimination对Economic Profit和Consumer Surplus的影响7) 理解为什么在MC=MR时垄断者的产量最佳8) 理解为什么在垄断市场（Monopoly Market）会产生Deadeight Loss：Monoploy Market没有将Consumer Surplus+Producer Surplus最大化#20 Monopoly Competition & Oligopoly1) Monopoly Competition的特征2) 理解Monopoly Competition下，Price Demand Elasticity大3) 理解Kinked Demand Curve Model产生的原因4) 囚徒困境（Prisoners' Dilemma）是什么道理#21 Markets for Factors of Production1) 什么是Derived Demand2) Marginal Product，Marginal Revenue与Marginal Revenue Product的定义和相互关系3) 在完全竞争（Perfect Competition）环境下，MRP（Marginal Revenue Product）曲线的形状和含义4) 理解什么是Wage Rate5) 理解一个公司产出的商品的价格和它雇佣的Labor量成正比6) 理解影响Demand for Labor的几个因素：商品价格、其他生产因素（是否替代品）、技术进步水平7) 影响Labor Supply的两个因素：Substitution Effect，Income Effect是如何相互作用的：Substitution Effect导致工人用休闲时间换更多工资；Income Effect导致工人更多的用Income去休闲8) 工会（Labor Union）设法增加工人Wage Rate和保证工人就业的主要办法：Collective Bargaining，Traing to Increase MP，Restrick for importing，Increasesubstitution price9) Physical Capital和Financial Capital分别是什么10) 理解为什么Non-Renewable Resource的供应曲线是完全弹性的；为什么Renewable Resource的供应曲线是完全非弹性的11) 理解Economic Rent的经济学意义，以及它的供应曲线图形意义：Supply Curve完全弹性时，Economic Rent等于零；Supply Curve完全非弹性时，Economic Rent最大#22 Monitoring Jobs and the Price Level1) 失业率（Unemployment Rate）的计算公式，主要是其中Labor Force的意义（所有已经工作和有意工作的人群）2) 劳动力参加率（Labor-Force Participation Rate）的计算公式3) 就业人口比率（Employment-to-Population Ratio）的计算公式4) 什么是Aggregate Hours5) 什么是Real Wage Rate（一小时劳动可以换回多少商品和劳务，扣除价格水平变化），以及它和Wage Rate比较6) 失业的三种类型（Frictional Unemployment，Structural Unemployment，Cyclical Unemployment），注意区分Frictional Unemployment和Structual Unemployment的区别7) 什么是充分就业（Full Employment）：没有Cyclical Unemployment8) 什么是自然失业率（Natual Rate of Unemployment）：Frictional Unemployment和Structual Unemployment导致的失业率9) 什么是Potential GDP：当失业率维持在自然失业率的时候可以产生的GDP10) CPI（Consumer Price Index）的定义以及如何计算11) 哪个单位负责报告CPI，报告频率（Bureau of Labor Statistics BLS，Monthly）12) 通货膨胀率（Inflation Rate）如何计算13) CPI偏差（CPI Bias）的主要因素：New Goods，Quality Change，Commodity Substitution，Outlet Substitution#23 Aggregate Supply and Aggregate Demand1) 什么是总供给（Aggregate Supply）2) 短期总供给（Short Run Aggregate Supply SAS），长期总供给（Long Run Aggregate Supply LAS）的曲线图是什么样的3) 理解为什么LAS不受价格变化的影响，它反映了potential real output of the economy4) 什么是Potential Output（Full Employment下产生的Output）5) Potential Output正相关的几个因素：Quantity of Labor，Quantity of Capital，Technology6) 影响Money Wage Rate的两个因素：Unemployment（负相关）；Inflation Expectation（正相关）7) Aggregate Demand的四个构成成分（Comsumption，Investment，Government Spending，Net Export）8) 影响Aggregate Demand曲线的三个因素（Expectation About Future Income/Inflation/Profits，Fiscal/Monetory Policies，World Economy）1) Classical Macroeconomics，Keynesian Macroeconomics和Monetarist Macroeconomics三种经济学观点的异同比较#24 Money, the Price Level, and Inflation1) Money的三种职能：Means of Payment；Unit of Account；Store of V alue2) 什么是M1，什么是M23) 理解为什么Checks Outstanding和Credit Card都不属于Money4) 三种主要的储蓄机构：Commercial Banks，Thrift Institution5) 存款机构（Depository Institution）的四种主要功能：提供流动性；金融中介；监控风险；分散贷款风险6) Fed的三种政策工具：贴现率；Bank Reserve Requirement；Open Market Operations7) 银行允许贷款量与Required Reserved Ratio之间的关系（Notes V2 P156）8) 什么是Monetary Base，它由什么构成9) 什么是现金漏损（Currency Drain）10) 货币乘数（Money Multiplier）的计算公式，以及它在Quantity of Money公式中的作用11) 理解Demand for Money与Interest Rate负相关的原理12) 什么是Money Velocity，并理解M*V=P*Y=GDP的含义#25 US Inflation, Unemployment, and Business Cycle1) Cost-Push Inflation是如何产生的：Aggregate Supply减少所致2) Demand-Pull Inflation是如何产生的：Aggregate Demand增加所导致3) 飞利浦线（Phillips Curve）是用来表达什么关系的（Inflation与失业率的关系）4) Short-Run Phillips Curve是什么形态；Long-Run Phillips Curve是什么形态5) 什么是期望通胀（Expected Inflation）：在Full Employment下的通胀6) Natural Rate变化对Long-Run Phillip Curve的影响：Natural Rate增大，Long-Run Phillip Curve向右移动#26 Fiscal Policy1) 什么是Supply-Side Effects（Fiscal Policy对Supply的影响，尤其通过税收）2) 理解Laffer Curve描述的是什么原理（Notes V2 P184）3) Financing for Investment的来源主要包括哪些（National Savings，Government Savings，Borrowing from Foreigners）4) 挤出效应（Crowding Out Effect）：政府扩张财政，挤出私人投资/支出机会#27 Monetary Policy1) Fed的货币政策的三个目标：扩大就业；稳定价格；稳定利率2) 理解Fed的主要货币手段是联邦基金利率（Federal Fund Rate）3) Open Market Operations是如何实现的：买入、卖出Treasury Securities#28 An Overview of Central Bank1) 中央银行实施货币政策（Monetary Policy）的工具有哪些2) Inflation Targeting指什么：将通胀率控制在一个区间内为目标的货币政策============FSA============#29 Financial Statement Analysis: Introduction1) 审计的三种结果的含义：Unqualified，Qualified，Adversed Opinion的分别的含义2) MD&A（Management's Discussion and Analysis）记录的内容是什么：一些Disclosure，Discussion3) Footnotes记录什么东西：Accounting Methods，4) Proxy Statement主要记录什么东西：有关Shareholder的信息5) Standard Auditor's Opinion的三部分内容（Notes V3 P14）6) FSA Framework的六步：State Objective and Context；Gather Data；Process Data；Analyze Date；Report Conclusion；Update#30 Financial Reporting Mechanics1) 什么是Contra Account2) 什么是Asset3) 什么是Liability4) 什么是Owners' Equity5) 什么是Income6) 什么是Expense7) 基本会计等式8) 什么是Double-Entry Accounting原则9) 什么是Accrual Basis Accounting，并解释什么是Unearned Revenue，Accrued Revenue，Prepaid Expense，Accrued Expense10) 什么是Cash Basis Accounting11) 什么是Prepaid Expenses12) 什么是Accrued Expenses13) 会用Balance Sheet、Income Statement和Cash Statement之间的金额互算14) Revenue和Unearned Revenue（Liabilities）的区别15) 知道Ending Retained Earning和Beginning Retained Earning的差等于Net Income减去Dividend Declared#31 Financial Reporting Standards1) 国际会计准则(IFSR)和美国会计准则(GAAP)的大略异同2) 国际会计准则No.1对哪些财务报表是必须的3) 什么是Proxy Statements4) 什么是MD&A5) 报表的质量：Understandability，Comparability，Relevance，Reliability6) 制作报表的两个Assumption：Accrual Basis，Going Concern Assumption分别是什么意思6) 一个完好的报表架构需要满足的几点要求：透明性（Transparency），可理解（Comprehensiveness）和一致性（Consistency）#32 Understanding The Income Statement1) Net Income与Revenue和Expense的关系：Revenue - Expense = Net Income2) 明白GnL（Gain and Loss）是Incidental Transaction产生的3) 什么是COGS：Cost of Goods Sold4) Gross Profit与Revenue的关系：Revenue - COGS = Gross Profit5) 什么是Operating Profit（Operating Profit（EBIT）= Gross Profit - Operating Expense - Depreciation Expense）以及它与Gross Profit的不同6) 明白为什么Unearned Revenue是一种负债7) GAAP下的FASB确认Revenue的四项原则是什么：Evidence of Arrangement；Product Delivered；Price Determined；Seller Sure Collecting Money8) Long-Term Contract下确认Revenue的方法：Percentage of Completion；Completed Contract9) 什么是Installment Sale，并且明白Profit根据收到的Cash确认；更有Cost Recovery Method 要求收到的Cash超过Cost时才确认Profit10) 什么是Barter Transaction以及它在GAAP和IFSR下得到Fair Value的不同方法11) Revenue的两种计量方法：Gross Reporting和Net Reporting的区别是什么（Gross Reporting 分别记Revenue和COGS；Net Reporting只记它们的差值）12) Expense确认的原则之一：Matching Principle是什么含义（Expense确认的时间要与Revenue确认的时间一致）13) Expense中的Period Cost是怎么回事，以及它的确认方式14) Straight-line Depreciation的计算方法（Notes V3 P58）15) Double-Declining Balance Depreciation的计算方法16) 关于Inventory的三种会计记录方法：FIFO、LIFO和Average Cost的原理是什么17) 无形资产（Intangible Assets）如何摊销（Amortization）：分有固定使用期限（如Franchise Agreement）和没有固定使用期限（如Goodwill）两种情况18) 被停止的经营项目（Discontinued Operations）的记账原则：与其他项目分开报；对持续经营项目无影响19) 什么样的事情是Unusual Items（比如：Gain n Loss for Sale Assets）；什么样的事情是Infrequent Items（比如：Impairement，Write Down，Write Off）20) 什么样的事情是Extraordinary Items21) 什么是Basic EPS以及公式，尤其清楚如何计算Weighted Average Shares22) 什么是简单资本结构（Simple Capital Structure）；什么是复杂资本结构（Complex Capital Structure）23) 什么是Antidilutive Securities以及与Dilutive Securities的区别24) 什么是Diluted EPS以及公式25) 什么是Common-Size Income Statement，分母是什么26) Gross Profit Margin和Net Profit Margin的公式分别是什么，并且知道Net Sale就是Revenue27) 列举哪些收入不记入Income Statements：Issuing Stock；Reacquiring Stock；Dividend Paid；Other Comprehensive Income（FX，Pension Liability，HedgingDerivative，Available for Sale Securities）28) 什么是Available for Sale Securities29) 理解Comprehensive Income是Net Income和Other Comprehensive Income之和30) 计量Income的方法：Sale Basis Method，Percentage-of-Completion Method，Completed Contract Method，Installment Methods，Cost Recovery Method#33 Understanding Balance Sheet1) Balance Sheet的几种主要格式：Account Format；Report Format和Classified Balance Sheet2)1) 什么是Working Capital2) Current Asset包括哪些3) Long-Term Asset包括哪些4) Current Liability包括哪些5) Stakeholder Equity包括哪些6) Current Ratio如何计算7) Quick Ratio的计算#34 Understanding the Cash Flow Statement1) 呈现CFO的两种方法：Direct Method和Indirect Method分别是什么原理以及它们的异同2) Direct Method是将Cash-Basis Accounting的Income Statement直接转变成CFO的方法3) 针对CFO的Indirect Method的4个步骤以及其中涉及到的加减（Notes V3，第117页和第119页）4) 什么是Free Cash Flow以及它的计算方法5) 什么是Free Cash Flow to the Firm （FCFF）以及它分别用Net Income和CFO两种方法表示的公式6) 什么是Free Cash Flow to Equity（FCFE）以及它用CFO表示的公式7) 罗列所有Cash Flow Ratios，包括Performance Ratios和Coverage Ratios#35 Inventories1) 什么是LIFO Reserve，以及它的公式2) LIFO Reserve的重要衍生公式：FIFO COGS = LIFO COGS - (Ending LIFO Reserve - Beginning LIFO Reserve)#36 Long-Lived Asset1) 什么是ARO（Asset Retirement Obligation）2) 明白为什么每一年的ARO Expense由Depreciation Expense和Accretion Expense组成#37) Income Taxes1) Tax Payable与Income Tax Paid的不同含义2) Taxable Income的含义以及与Tax Base的不同3) Tax Loss Carryforward的含义4) 什么是Income Tax Expense并且理解它的公式（对于Tax Payable, DTL, DTA）5) 什么是Valuation Allowance并且明白它的作用6) Temporary Difference和Permanant Difference的不同含义7) 可以罗列出四种Permanant Difference的情况#38 Long-Term Liabilities & Leases1) Bond的一些名词定义：face value（maturity value, par value）、coupon rate、coupon payments、market rate、balance sheet liability（bond book value，carryingvalue）、interest expense、par bond、discount bond、premium bond2) Finance Lease和Operating Lease的异同3) Direct Financing Lease和Operating Lease对现金流分别不同的影响4) Market Rate与Bond Rate之间大小关系的比较决定Bond是Premium还是Discount的关系5) 什么是Sale Type Lease#39 Financial Analysis Techniques1) Dividend Declared的概念2) Sustainable Growth Rate的计算方法3) DSO（Days Sales Outstanding）的几种计算方法4) Inventory Turnover的计算方法5) Cash Conversion Cycle的计算方法6) Total Asset Turnover的公式7) Financial Leverage Multiplier的公式#41 Accounting Shenanigans on The Cash Flow Statement1) Stretching Out Payable是如何实现舞弊的2) Financing Of Payable是如何实现舞弊的3) Securitization of Receivable是如何实现舞弊的4) Using Stock Buybacks to Offset Dilution of Earning是如何实现舞弊的5) 如何计算Days' Sales in Accounts Payable（应付账款天数）#42 Financial Statement Analysis: Application1) 如何利用common-sized的报表预测下年的一些财务指标#43 International Standards Convergence1) Marketable Investment Securities的几种类型以及它们对Balance Sheet和Income Statement 的影响================ Corporate Finance ==================#44 Capital Budgeting1) Capital Budgeting的几个基本原则2) 什么是沉没成本（Sunk Cost）3) 什么是外部性（Externalities）4) 什么是同型装配（Cannibalization），以及它对现金流的影响5) Conventional Cash Flow Pattern与Unconventional Cash Flow Pattern的区别6) 什么是机会成本（Opportunity Cost），并且明白Capital Budgeting的现金流基于机会成本考虑7) 评估资本项目的方法之一：NVP法的原理是什么8) 评估资本项目的方法之二：IRR法的原理是什么9) 评估资本项目的方法之三：PBP法的原理是什么10) 评估资本项目的方法之四：Discounted PBP法的原理是什么11) 评估资本项目的方法之五：AAR法的原理和公式12) 罗列为什么NPV方法和IRR方法可能产生不同的衡量结果#45 Cost of Capital1) Marginal Cost of Capital的定义是什么2) 加权资本成本（Weighted Average Cost of Capital）的公式3) 清楚投资机会曲线（Investment Opportunity Schedule）和MCC Curve（Marginal Cost of Capital Curve）的形状、关系。
macro-economics review解读
1. Which of the following transactions would represent an addition to a nation’s current gross domestic product? ________A A retailer increases her stock o imported shoes.B A corporation sells shoes from last year’s inventory.C The government increases its domestic purchases of food for use by the military.D A mother sells her car to her daughter.ANSWER: C2. If purchases of education and medical care were counted as investment rather than consumption, gross domestic product would __________?A not change, because there is no change in total expenditures.B increase, because investment is included in gross domestic product but consumption is not.C increase, because consumption is included in gross domestic product but investment is not.D decrease, because investment is weighted more heavily than consumption in calculating gross domestic productANSWER: A3. If real gross domestic product is increasing at 3% per year and nominal gross domestic product is increasing at 7% per year, which of the following is necessarily true?_________A unemployment is increasing.B the price level is increasing.C the economy is in a recession.D the government is running a budget deficit.ANSWER: B (名义GDP 与实际GDP 的差额反映出通货膨胀率，说明物价水平上涨)4. The major different between real and nominal gross domestic product (GDP) is that real GDP _________.A exclude government transfer payments.B excludes imports.C is adjusted for price-level changes using a price index.D measures only the value of final goods and services that are consumed. ANSWER: C （实际GDP等于名义GDP 除以价格指数）5. Which of the following statements exemplifies the concept of structural unemployment? ___________A new entrants into the labor force have trouble finding jobs.B workers leave their current job to find better jobs.C workers are laid off because aggregate demand has decline.D workers are fired because their skills are no longer in demand.ANSWER: D (A是正在找工作的人不算失业。
高三经济理论英语阅读理解25题
高三经济理论英语阅读理解25题1. What is the main factor that determines the price of a product in a free market?A. Government regulationsB. Supply and demandC. Consumer preferencesD. Production costs答案：B。
在自由市场中，供求关系是决定产品价格的主要因素。
选项A，政府规定在自由市场中不是决定价格的主要因素；选项C，消费者偏好会影响需求，但不是主要决定因素；选项D，生产成本会影响供给，但不是价格的主要决定因素。
本题考查了供求关系对价格的影响这一经济理论知识，阅读技巧是根据题干中的关键词“main factor”和“price”在文章中定位相关信息。
2. If the supply of a product increases while the demand remains constant, what will happen to the price?A. IncreaseB. DecreaseC. Remain the sameD. Cannot be determined答案：B。
当供给增加而需求不变时，价格会下降。
这是因为供大于求，卖家为了卖出产品会降低价格。
选项A，供给增加需求不变价格不会增加；选项C，价格会变化；选项D，可以确定价格会下降。
本题考查了供求关系对价格的影响，阅读技巧是理解题干中供给和需求的变化情况，然后推断价格的变化。
3. The market mechanism is based on which of the following principles?A. Central planningB. Competition and price signalsC. Government interventionD. Monopoly答案：B。